GROWTHPOINT PROPERTIES LIMITED PROPERTY SHOW CASE RMB MORGAN STANLEY 21 May 2013

1. GROWTHPOINT PROPERTIES LIMITED PROPERTY SHOW CASE RMB MORGAN STANLEY 21 May 2013

2. Agenda • South African Real Estate • Global Context • South Africa is entering the REITs Era • Introduction to Growthpoint • Operational Overview and Operating Environment • RSA • V&A • GOZ • Sector consolidation and acquisition • Acquisitions, Disposals, Developments and Commitments • Prospects • Investment Case differentiator

3. SOUTH AFRICAN REAL ESTATE • The South African listed property sector has experienced significant growth over the past 10 years Capital Management • South Africa’s listed largest property company, Growthpoint, now has a market capitalisation of R54,5 billion compared to R30 million in 2001 Source: INET Bridge

4. SOUTH AFRICAN REAL ESTATE(cont’D) • The sector is dominated by a few large entities, with the biggest 10 accounting for approximately 80% of the sector market capitalisation • 26 listed property entities • Sector market capitalisation of c.R239 billion Source: INET Bridge

5. SOUTH AFRICAN REAL ESTATE (cont’d) • Attractiveness of the sector keeps improving: • Attracting new listings to the sector • Equity raising well supported by local institutions • Increase in interest from offshore investors • Increase in liquidity and tradability Source: INET Bridge

6. SOUTH AFRICAN REAL ESTATE (cont’d) • The escalating nature of leases underpins income growth • Income growth of 1% - 9% can be expected annually Source: Avior Research

7. The global context • The South African listed property sector outperformed REITs from the developed world over the past 10 years. They are currently trading at all time highs Source: Bloomberg

8. South Africa is entering a new reit era • Currently 75% of South Africa’s listed property companies are not technically REITs • These companies have synthetically created rental flow through the Property Loan Stock structure – share stapled to debentures • South Africa’s weighting in the global REIT indices could potentially quadruple • South Africa will be the 8th largest REIT market globally • South Africa’s largest listed property company, Growthpoint Properties Limited (“GRT”) is set to become the 40th largest REIT globally by market capitalisation • Excluding the US REITs, GRT will become the 15th largest REIT globally by market capitalisation - the largest in emerging markets

9. Regulation • Objective: - Provide investor protection • Ensure prudent management without unnecessarily removing flexibility • Transparency and good governance • Regulator: JSE • Regulatory Rules: Listings Requirement Section 13 • Responsibility: Board of Directors • Annual confirmation to be submitted in Certificate in Compliance • No prescribed management model: internal or external • No prescribed property sector investment requirement

10. INTRODUCTION TO GROWTHPOINT • The largest listed property company on the JSE with property assets valued at R55,7 billion including100% of Growthpoint Properties Australia (“GOZ”) and 50% of the V&A Waterfront in Cape Town • Market capitalisation of R43,3 billion at 31 Dec 2012 (R24.50 per linked unit) (now R54,5 billion) • Diversified property portfolio comprising 390 properties in RSA, 43 properties in Australia which is 65.3% owned and a 50% interest in the properties of the V&A Waterfront in Cape Town Retail Office Industrial Australia V&A Waterfront Industrial Office • R13,5 billion • R14,8 billion • R7,5 billion R14,8 billion AUD1,7 billion • R5,1 billion • Fully integrated internally managed property company employing 457 staff

11. GrowthpointrSA - retail • Growth in centre turnovers are slowing down, tracking major retailer sales performance. However, retailer occupancy cost-to-turnover ratios remain well within acceptable industry norms • RSA retailer expansion of international brands within existing operations (Edcon & Foschini) and interest from European and Australian international retailers creating demand at prime centres • Vacancies are at historical average and vacancy level at top 10 centres is below 1.5% if areas under development are excluded • Second tier shopping centre performance under pressure in terms of tenant retention, renewal rental levels and arrears • Cost containment remains difficult - especially labour intensive services and administration costs. Implementation of new municipal valuation roll in 2013 could impact rental affordability levels • Redevelopments/Refurbishments/Extensions progressing well with extensions to Brooklyn Mall, Kolonnade, Walmer Park, Waterfall Mall and Northgate expected to open for trade from Q3/2013 to Q3/2014

12. GrowthpointrSA - OFFICE • The ongoing challenging economic conditions resulted in the loss of several major tenants in the first half. Vacancies increased to 7.1% but significantly outperformed the national average for Q4/2012 of 10.6% • New letting totalled 45 588m² and 70 454m² of leases expiring in the first half were renewed. The declining renewal success rate of 65.3% further emphasising the tough market conditions. The renewal growth rate remains under pressure but is now positive, a turnaround from (4.4%) reported last year • Arrears have been kept under control through continued proactive credit control, ending the first half at 6.9% of collectables. The bad debt provision increased to R7,1 million due to Government arrears at the end of Dec 2012. These have subsequently been collected • The second half will remain challenging with vacancies under pressure. Five new developments and major redevelopments, totalling 36 067m², of which 20 469m² has been let, will be completed before Jun 2013. It is anticipated that a further 2 developments will achieve GBCSA certification, bringing the total to 4

13. GrowthpointrSA - industrial • Challenging trading conditions, echoed by negative factory output data • Continued increases in input costs, specifically electricity, is negatively affecting the manufacturing sector. Implied pressure on renewal growth and lease periods • Continued demand for warehousing and distribution facilities (>10,000m²). Increasing consolidation is evident • Vacancy levels have stabilised. Expected to remain at ±3% level for the near future • Arrears have remained stable • New development enquiries remain positive • Acquisition growth remains limited due to high demand and sellers expectations • Strategy: • Key focus areas are vacancies, arrears and renewals • Unlock value from existing portfolio • Pursue new development and acquisition opportunities if financially viable

14. V&A Waterfront (50%) • RETAIL • Strong retail sales growth up by 18.4% for the rolling 12 months • Voids at a record low of 1.2% with Victoria Wharf and Clocktower retail space fully let • Total and trading retail debtors at a level of 12% and 5% respectively • Footfall continued to grow year on year, despite the impact of the food court development. Figures peaked in Dec with footfall figures on 31st Dec reaching 185 000 • New openings include Market on the Wharf, Moyo, Bodyworlds Exhibitions and the redeveloped Food Court which is performing very well • Shimmy Beach Club with a GLA of 3 555m² opened during Dec and by all accounts has traded well • OFFICE • Drop in office vacancies to 2.4% with key space being let. Just over 2 000m² remaining vacant, of which key void space under offer • Trade debtors at a positive level of 8% • Total debtors are being continually managed while focus remains on closing off historic legal arrears

15. V&A Waterfront (50%) (cont’d) • HOTEL • Hotel occupancy levels and revenue per room have marginally improved year on year and it is believed these have bottomed out • FISHING AND INDUSTRIAL • Fishing and industrial revenue continues to be strong with no vacancies • Marina activity for the period is high, with the extension of A-spines in the Marina providing additional berthing facilities • DEVELOPMENT AND LEASING UPDATE • Allan Gray development progressing to plan for completion in Jul 2013 • Development of Portswood Ridge into residential units for rental will commence in Sep 2013. A small residential development adjacent to Allan Gray office development to be launched in Mar 2013 • Topshop on track for trading in late Apr 2013 • A new mall development to be created between the Link Mall and Post Office Mall anchored by Edgars to commence in autumn for a summer opening. This will open up additional retail space within Victoria Wharf • Development is underway for a new generation, flagship Pick ’n Pay store, expected to open in Dec 2013. The new store at over 6 000m² will be significantly larger than the current one at 2 600m² and will offer vastly improved access to parking

16. OVERVIEW - Goz HY 2013 results in line with guidance • Distributable profit: AUD36,8 million; a 47.6% increase from HY2012 • 9.0 cps distribution; 3.4% above HY2012 (before withholding tax of 0.38 cps payable by international investors - Growthpoint RSA) • 24.1% total return for calendar year to 31 Dec 2012 (Aus$1.60 at recapitalisation) • 9.3 cps distribution forecast for 6 months (before withholding tax of 0.39 cps payable by international investors – Growthpoint RSA) to 30 Jun 2013 taking total FY2013 distribution to 18.3 cps (4.0% growth) • Distribution declared equates to 95% of distributable profit • Net Tangible Assets (“NTA”) unchanged at AUD1.93 • Management Expense Ratio consistent at 0.4% • Small gearing increase (45.6% to 46.9%) but 18.3% rise in Interest Cover Ratio to 2.5 times Capital management

17. Overview – goz (cont’d) • Two DRIPs raised approximately AUD48,9 million, well above NTA • 20.4% per annum total return over 3 year period • Continued significant increase in market capitalisation (close to AUD1 billion) and free float (AUD300 million) Equity • 2.9% increase in like-for-like property income • 0.8% increase in property valuations; after writing off previous acquisition costs and allowing for straight-line leasing adjustments, a decrease of 0.1% • Completion of two fund through developments during the period • Acquisition of well located and well tenanted, high yielding assets have improved portfolio Quality investment property portfolio • Diversified property portfolio valued at AUD1,7 billion • Quality tenants with long WALE (7.0 years) and growing rental income • 98% occupied with minimal short term lease expiries providing a secure income • GOZ will seek to continue the strong growth it has experienced Summary

18. Sector consolidation and acquisition • New listings to continue • Consolidation amongst smaller and ne listed funds to get critical mass • For Growthpoint there is a limited number but large in scale opportunities available • Continuous efforts to improve quality of portfolio • Focus on optimising portfolio weighting between retail, office and industrial • Redevelopments continue to add quality to the portfolio.

19. Acquisitions, Disposals, developments AND COMMITMENTS • RSA properties (excl V&A) where amounts in excess of R30,0 million were spent on development during the period include: • Brooklyn/Design Square (75%) Retail R36,9m • Lakeside 3 Office R46,4m • Grand Central Office Park Office R38,6m • Meadowbrook Estate Industrial R37,5m • Growthpoint RSA has capital commitments for various acquisitions and development projects of R1,1 billion with the major ones being: • Waterfall Mall Retail R215,8m • Menlyn Corner Office R213,0m • Deloitte & Touche Office R113,4m • Hatfield Festival Office R129,7m • GOZ has capital commitments for acquisitions and development projects of R397,5 million with the major one being: • 27 – 49 Lenore Drive Industrial R393,6m

20. developmentS • Waterfall Mall Extension • Current GLA of 49 287 m² • Development GLA of 9 818 m² • Completion Apr 2014 • Project value amounting to R216 million • Project yield of 8.5% • Grand Central Office Park: • 7 108m² development in Midrand, opposite Gautrain Station • Completion Apr 2013 • 4 600m² let , including 3 000m² to Gautrain Management Agency • GBCSA certification: application for Four Star Green Star Design Rating • Project value amounting to R111 million • Project yield of 10.0%

21. Developments (cont’d) • Menlyn Corner: • 10 047m² development in Menlyn ,Pretoria • Completion early 2013 • 3 600m² let to Liberty Group • Significant Green components • Project value amounting to R213 million • Project yield of 9.3% • Lakeside 3: • 6 152m² development in Centurion, opposite Gautrain Station • Completion early 2013 • Actively marketing space • GBCSA certification: application for Four Star Green Star Design Rating • Project value amounting to R92 million • Project yield of 9.2%

22. PROSPECTS • RSA • SA economy remains sluggish, negatively impacted by labour unrest and job losses • Consumer spending coming under pressure, impacting retail sales • Demand for office space remains weak • Property fundamentals however remain stable • Overall vacancies at 4.1% • Property expense ratio at 23.9% • Access to capital, debt and equity remains good • Interest rates projected to remain at current low levels for the next 12 to 18 months • Good investment opportunities are hard to find • REIT legislation now promulgated, with PLS’s able to convert on or after 1 May 2013. Growthpoint intends to convert to a REIT effective 1 July 2013 and will adopt a new MOI • Distribution growth of between 7.0% and 7.5% projected for the year to 30 June 2013

23. PROSPECTS (cont’d) • V&A • Ongoing improvements being made to the development masterplan • Significant improvements in letting of major vacancies • Exciting new redevelopment opportunities in the Victoria Wharf Shopping Centre • Allan Gray on target for completion in Jul 2013 and lease commencement in Sep 2013 • V&A on target to deliver budgeted distribution growth of circa 7%

24. Growthpoint Investment case differentiator • Unparrallelled diversification (sectorial and geographical) • Internal management (own and manage) with a track record • Access to South Africa’s premier office, retail and industry • Access to GOZ and V & A • Most traded and liquid property share

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